In a typical Corporate Action Announcement process, multiple messages are usually procured from numerous sources that may even involve the message interpretation and translation by several intermediaries. This most often brings about inconsistency and inaccuracy in the information gathered. Further, the currently available methodologies provide source level precedence for the incoming messages, which restricts the entities from choosing the best data available in the market for any event type, particularly in cases where the reliability of the information provided varies from source to source. Since multiple heterogeneous sources extract and transmit the messages ostensibly relating to same data element, much discrepancy has been observed in the field/attribute level information of theoretically the same data.
There has been no robust solution that can automate the process by configuring it to choose one attribute from one source (e.g. Record Date) and another attribute from a different source (e.g. Rate of Interest) for the same announcement. This makes the entity handling heavy messages to rely upon a single best source for data acquisition. Additionally user of the entity is also restricted to decide if there is any potentially conflicting information available in the market. This raises the concern of standardized information obtainment involving best market practices, the said standardization involving scrubbing of data at the field or attribute level.
Furthermore, there is no single point view of data or narratives involving all unformatted and unstructured text that is gathered from numerous sources as well as the data/narratives that gets promoted to the Golden Copy. This makes it difficult for the user to have a consolidated and uniform view of the data/narratives provided from different sources including registrars, depositories, exchanges or data vendors and final data/narrative to be present in the Golden Copy. Also, amidst absence of any standardized message processing system it becomes difficult to even identify the best data that can be promoted to the Golden Copy. There does exist a missing usability for the users to manage the narratives from a single point as the user may not be able to obtain a complete view of the data/narrative received from various sources and present in the Golden Copy. The current environment also does not avail any process that can identify the presence of narrative and identify the difference in narratives provided from replacement messages.
In light of the foregoing, there exists a need for a method of reconciling and cleansing or scrubbing data obtained from various heterogeneous sources at the field level to produce a single authoritative Golden Copy of a Corporate Event. There has further arisen a need to provide a system that is capable of presenting a consolidated view of data/narratives received from various sources and the one that shall be present in the Golden Copy for enhanced analysis and better management.